Thank you for taking the time to research and write about this. Too often, many people look at mining as an extremely lucrative way of making additional income. Even I was under the impression that you could make a lot money from mining. However there is so much more to understand and look at, though I guess if you are tech person it is a lot easier to understand. Learning more about crypto and blockchain everyday.
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Hey @khimgoh! Thanks for your reply. I‘m happy to hear that you liked my post. Indeed, mining is more complex and less profitable than most people think. I believe that a lot of shady cloud mining services took advantage of the fact that people consider mining super profitable and promoted that idea even further since it serves their business. I absolutely agree that it helps to have a background in tech/computer science when getting into crypto. I think another advantage would be if you’re already familiar with trading and finances. I’m lucky enough to have a degree in computer science and it helped me quite a lot and sort of gave me a head start. I can only imagine how people with no background in computer science or finance/trading must feel when getting into crypto.